Many people are still debating short-term fluctuations of Bitcoin, but looking at ETH's 1-hour chart reveals some clues. In the $3190-$3300 range, the price has been oscillating repeatedly for a while. What is hidden behind this consolidation pattern?

On-chain data provides the answer. Since December 26, whale addresses holding over 1000 ETH have been aggressively accumulating, with a total purchase of 120,000 ETH. One single address has accumulated 51,000 ETH within a month, with an average cost around $3110. In other words, this price level is almost the same as the cost basis for the whales' positions.

Even more interesting are the movements of exchange reserves. The ETH reserves on centralized exchanges have fallen to a three-year low, a 38% decrease compared to 2022. Where are these chips flowing? Some are locked in ETFs and whale addresses, making the circulating supply increasingly tight.

From an ecosystem perspective, the fundamentals are also sending signals. In Q4, stablecoin transfer volume surged to $8 trillion, daily transaction counts exceeded 2.23 million, and active addresses reached 10.4 million. These figures reflect a synchronized growth in actual network demand, indicating ecosystem vitality is building.

The macro environment cannot be ignored either. The Federal Reserve recently indicated that this year's rate cuts could exceed 100 basis points, and inflation data is approaching the 2% target. Expectations for a loosening cycle are gradually taking shape, providing substantial support for liquidity in risk assets.

From these dimensions, ETH's current price performance and the genuine actions of market participants are beginning to resonate.